The importance of talent management and why companies should invest in it?

 

(Source: Mohapatra, 2020)



Introduction

Talent management is not a basic human resource buzzword. Hire, manage, develop, and retain the best personnel in the industry. Talent management is crucial in business strategy since it handles one of the company's most valuable assets, its employees. To retain personnel, firms should make an effort to successfully manage their talents and competencies (Grillo, 2015). Why should businesses invest in talent management?

Attract top talent - Having a strategic approach to talent management enables firms to attract the most talented and skilled individuals. It establishes an employer brand that can attract new employees, hence improving the organization's business performance and results.

Employee motivation - Having a strategic talent management program enables firms to retain their employees' motivation, providing additional reasons for them to stay in the company and perform their assigned jobs. Indeed, a poll by Merhar (2016) indicated that 91% of employees desired more than money to be involved and motivated.

Increase employee performance - Through the use of talent management, businesses will be able to more easily identify which employees are most fit for the job, which will result in fewer performance management concerns and grievances. Additionally, it will ensure that the company's top personnel remains for a longer period of time.

Engaged employees - Talent management enables businesses to make systematic and consistent decisions about employee development, ensuring that employees' skills and growth are maintained. Additionally, employees will feel more involved when a fair development process is followed, which aids in raising retention rates and assisting businesses in reaching their operational requirements.

Boost your company's performance - Employees are more involved, skilled, and motivated while they are part of a talent management program, which allows them to work toward the company's business goals, increasing customer satisfaction, and business performance.

(Source:  Rhezzali,2021)


What is Talent?  Talent represents the best people for the job in an organization and who would contribute to most to the achievement of its strategic goals

What is Talent Management? Talent management includes all the functions of human resource management with the focus on attracting, deploying, developing, retaining, and succession planning and it emphasizes talented people.

Why is talent management important for organizations?

·         Attracting and Retaining Talents Certification

·         Reason for war on talents

·         Employee Engagements

·         Long term strategy

·         Knowledge management enhancement

·         Intangible source of competitive tools

 

Factors determining successful talent management?

·         Attracting Talents

·         Deploying Talents

·         Recruiting talents

·         Retaining Talents

·         Succession planning




(Source:LinkedIn Learning, 2017)

Conclusion

Talent management fosters employee engagement, skill development, and motivation, enabling them to work toward the company's business objectives, hence increasing client happiness and business performance. A systematic approach to talent management entails organizational alignment and a consistent management style. Client satisfaction rates are typically greater when systems are more integrated, as they deal with fewer individuals and their demands are handled more quickly.

 

References

Grillo, M., 2015. What types of predictive analytics are being used in talent management organizations?. s.l.:Cornell University.

Kanyangale, M. & Pearse, N., 2014. Developing leadership competencies: Insights from emergent junior talent-intransitions in South Africa. INTERNATIONAL JOURNAL OF ORGANIZATIONAL LEADERSHIP, pp. 57-77.

LinkedIn Learing , 2017. Talent Management | LinkedIn Learning - What is a talent management strategy?, s.l.: s.n.

Merhar, C., 2016. Employee Retention - The Real Cost of Losing an Employee. [Online]
Available at: https://www.zanebenefits.com/blog/bid/312123/employee-retention-the-real-cost-of-losing-an-employee
[Accessed 11 June 2017].

Mohapatra, P., 2020. WHY TALENT MANAGEMENT AND HR ARE INSEPARABLE. Govloop, 13 02.

Poorhosseinzadeh, M. & Subramaniam, I. D., 2013. Talent Management Literature Review. Research Gate, p. 337.

Rhezzali, Y., n.d. Customer satisfaction & the importance of building loyalty in business. Jalal Mouti Talent Leadership.

 

Comments

  1. Thilina D JayasekaraAugust 19, 2021 at 10:55 AM

    Hi Praveen, this is a very useful article. Companies pay more attention to employee experience. The business case for reducing turnover and improving employee satisfaction is undisputed and continue to advance in a field such as skill management, it is essential to rely on a number of leading trends to increase employee satisfaction and engagement.
    thank you for sharing this.

    ReplyDelete
    Replies
    1. Praveen Joel FrancisAugust 19, 2021 at 11:17 AM

      Hi Thilna, thank you for you extra value addition to my article. simple and clear elaboration.

      Delete
  2. Wathsala SiriwardhanaAugust 19, 2021 at 1:25 PM

    Good article praveen. Workforce planning, recruiting, strategic planing, executive coaching, development of leadership, employee recognition, diversity and inclusion,engagement and retention are called as the tools required for successful talent management.Some compamies are using talent management dash boards as a tool for measuring and reporting.Thank you for selecting a valuable topic.

    ReplyDelete
    Replies
    1. Praveen Joel FrancisAugust 20, 2021 at 8:12 AM

      Hello, Wathsala. Thank you so much for your insightful comments on the aforementioned topic.

      Delete
  3. blogs of UMESHAugust 21, 2021 at 8:47 AM

    Having the right employees in the right place at the right time with the right skill sets and levels of motivation is critical to talent management (Stephenson & Pandit, 2008).
    Agreed with your conclusion Praveen, In a complex and dynamic business environment, effective talent management is critical to an organization's success and long-term growth because it allows it to retain top talent while increasing productivity. The most valuable asset for any business is the right talent. Indeed, one of the most important roles of HR is to ensure that employees with the necessary skills remain with the organization.

    ReplyDelete
  4. Rukmali FernandoAugust 21, 2021 at 9:29 AM

    Talent management can be defined as an integrated approach to job management that encompasses the recruitment, retention, development and transformation of organizational employees. People who are truly talented tend to be drawn to the best organizations. Organizations that incorporate talent management into their recruitment strategies can develop effective leaders. Thankyou for sharing this interesting article Praveen.

    ReplyDelete
  5. Fayaz SadiqueAugust 23, 2021 at 10:23 AM

    You have covered a valuable points in your article Praveen.
    The potential competitive advantage becomes real only if effective talent management methods are applied. It can be seen many businesses have expanded their people management methods after realizing that losing their most valuable personnel may stifle their future expansion. Despite the fact that staff retention is costly, talent loss and shortages place businesses in an even worse position (Planker, 2010).

    ReplyDelete
  6. Nadeeshan MadusankaAugust 23, 2021 at 11:55 AM

    The term "talent management" is more than just a common human resource buzzword. It is also dedicated to attracting, managing, developing, and retaining the best and brightest individuals in business. In fact, because it handles one of the company's most valuable assets—its people—talent management plays a significant part in business strategy. That is why, to retain employees, businesses should make an effort to successfully manage them and help them grow their skills and capacities.

    ReplyDelete
  7. Nishantha_Mba2021August 23, 2021 at 10:52 PM

    Talent management is more than just a common human resource buzzword. It is also committed to the hiring, managing, developing, and retaining the industry's most talented and excellent employees. Indeed, talent management is critical to business strategy because it manages one of the company's most valuable assets: its people. That is why businesses should make an effort to effectively manage their employees in order to help them develop their skills and capabilities and thus retain them. Here are a few of the reasons why businesses should invest in talent management.

    ReplyDelete
  8. Sunith GeeganageAugust 24, 2021 at 8:34 AM

    Talent Management is the process of how to improve and develop employee performance within the company. This mean the managing employee talent and fine tune them to achieve the company goals and objectives. This clearly define what type of talent company need. This is very helpful for companies because it allows to improve employee skills and confidence which way its an important motivate factor and directly impact on employee retention.

    ReplyDelete
  9. Wathsala SiriwardhanaAugust 27, 2021 at 3:56 AM


    Good topic praveen.Talent Management involves attracting and retaining high-quality employees, developing their skills, and continuously motivating them to improve their performance.It helps organization to improve performance and reach any goal. Through tallent management the organization will get the opportunity to create a motivated workforce who will stay with your company in the long run.


    ReplyDelete
  10. Mohamed AmjadAugust 28, 2021 at 7:01 AM

    As explained, Telnet management is all about hire, manage, develop, and retain the best personnel. Having the best labor pool is they key to the success of the company as the Human resource in a company is asset and assets are limited. thus, all the company should have excellent strategies on talent management to attract, retain and motivate the best fit to achieve the desired outcome.

    ReplyDelete
  11. Jackson RosaryAugust 29, 2021 at 1:52 AM

    Talent management can help employees feel dedicated, empowered, and motivated, enabling them to work toward the company's business goals, thereby improving customer satisfaction and business performance, and increasing customer satisfaction. An important topic to be discussed.

    ReplyDelete
    Replies
    1. Praveen Joel FrancisAugust 29, 2021 at 9:19 AM

      Thank you very much for your valuble feedback Jackson

      Delete

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